If your finances are not too complicated and you have basic knowledge of some rules related to income tax, then you can fill your ITR yourself. Here we have told you the step by step method of filing income tax return with the help of which you can fill your ITR yourself.
If you also have to file your income tax return but are unable to file it yourself, then this news is useful for you. If you are not able to fill ITR yourself then there is no need to pay huge fees to CA for this. This is because by following some easy methods, you can file ITR yourself sitting at home. Today we are going to tell you step by step how to file income tax return.
You can fill ITR yourself
If your finances are not too complicated and you have basic knowledge of some rules related to income tax, then you can fill your ITR yourself. Apart from this, nowadays there are many mobile apps which help people in filing income tax returns, although they may charge nominal charges for this. Finally, the option of going to a tax expert is still open. Now before filing income tax return yourself, you should keep all your documents ready.
Keep these documents ready
Before filing ITR, you need to submit many of your documents like PAN card details, Form 16 (for salaried people), proof related to tax exemption, proof of rental income, proof of savings, proof of income from other sources, purchase in stock market. Proof of purchase, proof of investment in any type of asset, etc. should be kept nearby. So that you don’t have to worry later.
This is the step-by-step process
- First of all go to the e-filing website of the Income Tax Department.
- Now register or login here with the help of your PAN card.
- Now after this you will have to fill some details like assessment year, ITR form number, type of ITR and whether you will deposit the tax online or offline.
- If you are a salaried person then you will get all these details on your Form 16. To submit the rest, you can choose the online option.
- After filling all these details you will see the option to proceed further. After this you will be asked about your status. For example, whether you are filing ITR for an individual or for a Hindu Undivided Family, or for a firm or partnership firm.
- To file ITR in individual category, you will have two options, one ITR-1 and the other ITR-4.
- Both these forms are generally filled by those people whose annual income is up to Rs 50 lakh. They just have to make different choices according to their income source.
- Those having ITR-1 option have to fill information about their personal information, gross total income, tax exemption information, tax filing information, tax liability (calculation is done automatically). This is generally available in Form-16.
- Those opting for ITR-4 have to fill disclosures along with all the information mentioned above.
- You are now very close to filing your ITR. Finally you have to validate your ITR. For this you can take help of Aadhaar based OTP. However, it is necessary to link your Aadhar card with phone number and PAN card.